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In November, Silverstein Properties acquired an 11-story office building at 99 Church Street from Moody's Investor Services for $150 million. Mr. Silverstein said it was likely the building would be razed to make way for a 58-story residential tower....

It would be nice if the two horrible 60's office buildings across the street from Moody's are demolished or at least re-skinned.

Silverstein Properties plans to build a 60-story hotel and condominium at 99 Church Street in Lower Manhattan after razing the 11-story office building that currently stands at the site.

The real estate development and investment firm says the tower's first 20 stories will house a boutique hotel, and that a luxury condominium is planned for the upper floors.

The existing Class B building at 99 Church Street serves as Moody's Corporation's headquarters, which Silverstein Properties purchased with the California State Teachers' Retirement System in November for a reported $170 million.

Demolition will not begin until Moody's moves its headquarters to the Silverstein-owned 7 World Trade Center in the fall.

According to Lisa Silverstein, vice president of Silverstein Properties, building a luxury hotel at the site makes sense because "there's zero competition."

Silverstein likewise believes that there will be demand for a new high-end condo in Lower Manhattan, since she recently looked for just such a property in the area and failed to find one.

"I realized there are just no grand Park Avenue apartments downtown, and I'd like to create that," Silverstein said. By Lauren Elkies

Wow! After recently feeling real down about NYC development, I see this and all is forgotten. I know it’s early but this is easily the best skyscraper proposal in the city barring a rendering of Beekman Place, it’s gorgeous! It reminds me of 1 Wall Street only clad in glass and even more sublime. It’s extravagant yet not overdone and it works perfectly in its setting. Costas continues to prove that given a good budget he can produce!